Leverage for
tokenized securities.

Launch leveraged yield products to improve RWA asset distribution without sacrificing compliance and control.

native

No RWA wrappers, direct inheritance of issuer-side rules

capital-efficient

Direct subscription and redemption, seamless leverage

governable

Segregated accounts allow per-position control

01. The primitives

Lending infrastructure ready for tokenized securities expansion.

Native compliance

Native compliance, no wrappers

All the asset-specific issuer's requirements are programmatically inherited no matter what happens on Gearbox protocol side. The RWA token is held natively in the Credit Account, and every transfer routes through the issuer's own compliance checks.

Native liquidity

Native liquidity, not DEX-routed

Gearbox taps the issuer's own subscription and redemption contracts - face-value swaps, no fees, no price impact. Users get the most efficient execution, and issuers don't spend capital seeding secondary liquidity.

Granular controls

Granular controls for real-world scenarios

Real-world triggers such as court orders, key loss, and inheritance flow through the issuer's policy and resolve as a specific action on a specific account: freeze, transfer ownership, or seize. Legal enforcement is executed without disrupting the whole market.

02. The gap

Generic credit rails miss the operating model behind the asset.

Gearbox

Existing lending

Native support for issuer-side controls

RWAs sit inside a Credit Account as the native token. Transfer restrictions, registry checks, mint and redeem logic all travel with the asset. No wrappers, no second compliance surface.

01 · Controls

Existing onchain lending doesn't support issuer-side controls

Asset wrappers or representations are used to comply with restrictions, increasing friction and complexity.

01 · Controls

Native subscription and redemption

Direct subscription and redemption flows are preserved, and leverage becomes the capital-efficient alternative to waiting on queues or seeding secondary pools.

02 · Liquidity

Lack of secondary liquidity blocks protocol operations and user flows

Subscription and redemption queues become a bottleneck, forcing asset issuers to fund and maintain DEX liquidity to keep products usable.

02 · Liquidity

Per-position controls, not market-wide

Approve, freeze, reassign, or enforce transfer. Actions apply to a specific Credit Account. A single compliance event stays a single-position event. The rest of the market keeps running.

03 · Intervention

Market-wide controls are too blunt

If the only lever is pausing the whole market, a single compliance event becomes a market event. Issuers need to intervene at the position, not at the book.

03 · Intervention

03. How it works

How credit flows against an RWA.

Read left-to-right. The asset arrives as itself, enters a Credit Account, draws stable liquidity from the lender market, and remains subject to issuer policy at every step.

Read this as: Passive lenders supply stables. A borrower opens a Credit Account, posts a tokenized RWA as collateral, and draws USDC against it. Every external call the account can make, including redemption, oracle reads, and compliance checks, is explicitly whitelisted. Nothing is permissionless inside the account, but the account itself remains composable from the outside.

04. How controls apply

Controls apply to the position, not the market.

Compliance gates, oracle methodologies, and redemption paths travel with the Credit Account. The same lender pool can fund an institutional account and a retail account, each under its own rules.

Read this as: Three accounts draw from the same stablecoin pool but inherit different rule sets. Fund A runs institutional terms; Issuer B runs jurisdictional receivables; Issuer C runs permissioned commodity tokens. Risk actions such as a kill-switch, an LTV tightening, or an oracle swap apply to a single account without disturbing the others.

03. Qualification

Is Gearbox the right fit for your asset?

✓Your asset has native transfer restrictions, registry checks or mint / redeem logic that must stay attached to the token itself.

✓You need per-position intervention rights, including the ability to freeze, reassign, or enforce transfer, without pausing the entire market.

✓Subscriptions and redemptions primarily rely on native mechanisms. Secondary liquidity isn’t established.

Next step

Bring credit to your tokenized asset.

We work with issuers through a short onboarding: asset methodology review and adapter design, then launch. Typically 4-6 weeks from kickoff to first account.

Leverage fortokenized securities.